Summary
Major players in the yacht market are Azimut Benetti, Brunswick Corporation, Christensen Shipyards Ltd., Alexander Marine International, Damen Shipyards Group, Feadship, Ferretti, Viking Yacht Company, Princess Yachts Limited, Sunseeker International, Sanlorenzo SpA, Heesen Yachts, Fincantieri SpA, Horizon Yacht, Palumbo Group, and Bavaria Yachtbau GmbH.
The global yacht market grew from $8.32 billion in 2022 to $8.91 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The yacht market is expected to grow to $11.07 billion in 2027 at a CAGR of 5.6%.
The yacht market consists of sales ofsailing yacht, motor yacht, gulet yacht and open yacht.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The yacht refers to the large recreational boats with lengths ranging from 35 feet to 160 feet and capable of operating in ocean waters and turbulent seas. It requires a full crew in handling maintenance, navigation, electronics and engineering, repairs and stewards.
Europe was the largest region in the yacht market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the yacht market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of motor and sailing yachts include super yacht, flybridge yacht, sport yacht, long range yacht, and others.The super yacht refers to large, luxurious, professionally crewed motor or sailing yachts with a load line of 24 meters and above.
They are varied based on lengths into up to 20 meters, between 20-50 meters, and above 50 meters.
Growing demand for luxury tourism and sailing is expected to propel the demand for the yacht market.Luxury tourism focuses on offering a high level of comfort and quality, with no stress or hassle.
It entails an elevated travel experience with minimal annoyance and maximum convenience.The rapid growth in luxury tourism is expected to boost demand for yachts, as they are a key component of luxury tourism for destinations located on the sea coast.
For instance, in 2022, al,ost 30% of the respondents of a survey agreed that their holiday budgets were higher after COVID and they were looking for luxury travel options. Therefore, the growing demand for luxury tourism and sailing is expected to boost the demand for yacht during the forecast period.
Technological advancement is a key trend gaining popularity in the yacht market.Major yacht companies are focusing on bringing technological advancements to yachts such as electrical power, and hydrogen power with robust engines which have higher horsepower and lighter body weight.
These yachts are focused on providing faster commute and comfortable travel.For instance, in November 2020, a New-Zeeland-based premium powerboat building company Herley Boats introduced the new Herley 3400 hybrid catamaran.
It is a luxury motor yacht equipped with a hybrid system (two electric drives powering the yacht) with lithium-ion batteries to ensure emission-free and silent propulsion. It is a 100% electric yacht offering an economy cruise with improved fuel efficiency and performance mode for high-speed operation.
In May 2021, MarineMax Inc., a US-based recreational boat dealer company acquired Cruisers Yachts for an undisclosed amount. Through this acquisition, MarineMax intends to ensure that a premium, American-built yacht is available in its product portfolio and provide the selling services via a selected retail network while enhancing the additional growth capacity. Cruisers Yachts is a US-based premium yachts manufacturing company that builds boats ranging from 33 feet to 60 feet.
The countries covered in the yacht market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The yacht market research report is one of a series of new reports that provides yacht market statistics, including yacht industry global market size, regional shares, competitors with a yacht market share, detailed yacht market segments, market trends and opportunities, and any further data you may need to thrive in the yacht industry. This yacht market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
